The Bank of New York Mellon Corporation has announced a new organizational and leadership structure that will take effect from January.

BNY Mellon says the new structure creates three new business units under its Investment Services segment: 1) Clearing, Markets and Client Management, 2) Asset Servicing, and 3) Issuer Services. The new units will combine businesses under common leadership that have natural connections and intersections with clients and will work closely together in developing comprehensive solutions. It says the new structure also allows for more client and business representation on the Executive Committee, the company's most senior management group.

Charlie Scharf, Chief Executive Officer, said: "The flatter hierarchy positions us to be more responsive to client needs, reduces complexity, increases efficiency and allows for faster decision-making. The business units will have increased accountability for delivering solutions for clients and driving financial performance. Overall, these changes will help drive sustainable, profitable growth and higher returns for our shareholders."

Thomas (Todd) Gibbons has been appointed CEO of Clearing, Markets and Client Management which will include Pershing, Markets, Government Securities Services Corp, Treasury Services and Commercial Payments, Credit Services and Regional Management. The bank says this new group brings together all market and credit risk activities where its continue to have multiple opportunities to build more integrated solutions for clients. Gibbons will remain on the Executive Committee.

Reporting to Gibbons will be Lisa Dolly who will continue to lead Pershing, Michelle Neal who will continue to lead Markets, and Brian Ruane who will continue to lead Government Securities Services Corp; all will be members of the Executive Committee. Ian Stewart will continue to lead Treasury Services and Commercial Payments, Jeff Landau will continue to lead Credit Services, Adriano Koelle will remain Chairman of Latin America, and David Cruikshank will remain Chairman of APAC and a member of the Executive Committee.

Michael Santomassimo has been appointed Chief Financial Officer, succeeding Gibbons. Santomassimo has been Chief Financial Officer of Investment Services since July 2016.

Hani Kablawi, currently Head of Investment Services, EMEA, will become CEO of Global Asset Servicing and Chairman of EMEA, and will join the Executive Committee.

Francis (Frank) La Salla, currently CEO, Corporate Trust, will become CEO of Issuer Services (to include Corporate Trust and Depositary Receipts) and will join the Executive Committee.

Doug Shulman will continue to lead Operations, reporting to Scharf, and will remain on the Executive Committee.

The Executive Committee will also include a new Head of Digital, reporting to Scharf.

As a consequence of the changes, Brian Shea, CEO of Investment Services, will be leaving the company, effective December 31.

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The Bank of New York Mellon Corporation has announced a new organizational and leadership structure that will take effect from January.

BNY Mellon says the new structure creates three new business units under its Investment Services segment: 1) Clearing, Markets and Client Management, 2) Asset Servicing, and 3) Issuer Services. The new units will combine businesses under common leadership that have natural connections and intersections with clients and will work closely together in developing comprehensive solutions. It says the new structure also allows for more client and business representation on the Executive Committee, the company's most senior management group.

Charlie Scharf, Chief Executive Officer, said: "The flatter hierarchy positions us to be more responsive to client needs, reduces complexity, increases efficiency and allows for faster decision-making. The business units will have increased accountability for delivering solutions for clients and driving financial performance. Overall, these changes will help drive sustainable, profitable growth and higher returns for our shareholders."

Thomas (Todd) Gibbons has been appointed CEO of Clearing, Markets and Client Management which will include Pershing, Markets, Government Securities Services Corp, Treasury Services and Commercial Payments, Credit Services and Regional Management. The bank says this new group brings together all market and credit risk activities where its continue to have multiple opportunities to build more integrated solutions for clients. Gibbons will remain on the Executive Committee.

Reporting to Gibbons will be Lisa Dolly who will continue to lead Pershing, Michelle Neal who will continue to lead Markets, and Brian Ruane who will continue to lead Government Securities Services Corp; all will be members of the Executive Committee. Ian Stewart will continue to lead Treasury Services and Commercial Payments, Jeff Landau will continue to lead Credit Services, Adriano Koelle will remain Chairman of Latin America, and David Cruikshank will remain Chairman of APAC and a member of the Executive Committee.

Michael Santomassimo has been appointed Chief Financial Officer, succeeding Gibbons. Santomassimo has been Chief Financial Officer of Investment Services since July 2016.

Hani Kablawi, currently Head of Investment Services, EMEA, will become CEO of Global Asset Servicing and Chairman of EMEA, and will join the Executive Committee.

Francis (Frank) La Salla, currently CEO, Corporate Trust, will become CEO of Issuer Services (to include Corporate Trust and Depositary Receipts) and will join the Executive Committee.

Doug Shulman will continue to lead Operations, reporting to Scharf, and will remain on the Executive Committee.

The Executive Committee will also include a new Head of Digital, reporting to Scharf.

As a consequence of the changes, Brian Shea, CEO of Investment Services, will be leaving the company, effective December 31.